The Korea Herald

Korean gov’t overhauls service industry support measures

Jul 5, 2016

[THE INVESTOR] The service industry will get larger tax breaks and financial support funds, under the government’s “Service Economy Development Strategy” announced on July 5. The measures will be applied across the service sector, excluding adult entertainment businesses. The government also plans to review more than 200 regulations and remove those deemed detrimental to the industry. Regarding tax benefits, the service industry will be given the same benefits as the manufacturing sector, the go
Finance MInister denies gov’t intervention in exchange rates

Jul 4, 2016

[THE INVESTOR] Finance Minister Yoo Il-ho on July 4 denied that the government is directly intervening in the forex market to control exchange rates. “(The government) has done nothing to become directly involved in the market to (bring about) low or high exchange rates,” Yoo, who also doubles up as deputy prime minister for economic affairs, said in response to a query by Rep. Yoo Sung-yop of the minor opposition People’s Party.Finance Minister Yoo IL-hoThe opposition lawmaker had stated that t
S. Korea, Saudi Arabia to strengthen industrial cooperation

Jul 4, 2016

[THE INVESTOR] South Korea and Saudi Arabia have agreed to strengthen cooperation in automotive, electronics and other industries, Korea’s Ministry of Trade, Industry and Energy said on July 4. The ministry and Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources have agreed to establish a committee for industrial cooperation that will convene twice a year. The agreement was reached between Korean Industry Minister Joo Hyung-hwan and his Saudi counterpart Khalid A. Al-Falih on July